How Can Loan Officers Be a Resource to Millennials?

Our primary focus should always be on making clients happy. The more satisfied they are, the more likely they are to send referrals our way. If we want to make sure our clients’ expectations are not only met but exceeded, we need to know what they want. There are a number of defining characteristics when it comes to millennials. The more we know about the demographic as a whole, the better we can succeed in impressing them.

Just like everyone else, millennials need to trust you. They want the experience to go smoothly (with no surprises), and they want to feel comfortable reaching out when they need to. Millennials, specifically, value learning and like to feel informed before making big decisions. So, making a point to educate them and involve them as partners in the process, the more comfortable — and more empowered — they’ll feel.

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You might find that a healthy number of millennials aren’t convinced that homeownership is for them — even when they’re reaching out to talk to you. LOs who lead with information on the benefits of homeownership will have an advantage in converting prospects to clients. You’ll also have an easier time building trust because you’ve addressed one of their top concerns before you were asked about it. Providing them with resources that support how owning a home is a smart investment (that can fit within their means) will help enable them to take the next steps. We’re trying to increase trust and confidence, so give them all the resources at your disposal to reference. Teach them why what you’re suggesting is the right way to go, while making sure they always feel like they have options to choose from whenever possible — they need to be convinced that they are making an informed decision, and that it’s their decision. Hard closes, deadlines, and the like, aren’t going to be particularly successful here.

Of course, working with them to improve their credit scores is another common thread. In some cases, this is a longer-term process, but if you help them successfully get on track and get into their own home, they’re going to tell everyone they know about you.

Once they’ve become clients, be sure to walk them through each step of what to expect during the lending process. Education (and patience) is always important, but more so with millennials. And, keep them updated — the good and the bad. They’ll appreciate that you’re candid with them, even if the news is not what they wanted to hear.

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If we really want to be a resource to millennials, we just need to emphasize education — share more information than you think you need to, and exercise some additional patience. Millennials, in particular, need to feel empowered with the right information, confident in their decisions, and satisfied with their overall experience. If you can do those things, you can expect satisfied clients and an impressive increase in referrals.